TrueBlue dongle is DRM to make sure you have the dongle, the firmware 'special' functionality will not work without it.
Contentdisc's contain fself'ed eboot.bin's.
Hardwarewise, there are many similarities with PS3Cobra

It does not play 3.6x+/3.7x+/4.x+ original content (it does not have the keys for it).

It can only play such content which is re-encrypted/resigned with their donglekey.

Such content will be limited to those already decryptable and debug eboot.bin's.

At this moment, only a few titles in the wild released:

all by PARADOX (patches)/PARADiSO (full pirated releases) and lighttake that sells full prepatched pirated BD-discs, which makes it seem they are into the money/DRM scam or otherwise profiting from releasing for it.

Because the resellers profit from selling discs, those titles will not be released by PARADOX (patches)/PARADiSO (full pirated releases)

You can hear daily 'more games today' and still see nothing released for 5+ days in a row

no public tools exist for 'converting' to TB format (re-encryption/resigning) - making you completely dependant of releasegroups like PARADOX/PARADiSO.

Content for 3.55 and lower still work (after all, its just a MFW 3.55) - with some exceptions (in some cases it will even brick the dongle when running those homebrew)

Needs the MFW (and cannot work on OFW's, that is why there is 'no power/eject trick')

Cannot be used for downgraded consoles (which rely on lv1 syscon hashcheck patches)

If you are using special firmwares now, they will not be compatible with this one. e.g. Incompatible with:

only 1 function change, and a section added
sub_28fe30 is replaced 1)
the new section is loaded at 0x80000000007f0000 (which is where those payloads are being loaded) lv2_kernel.bin (6.41 KB)

note 1) : * the 28fe30 function is replaced with OFW code during exploit execution (which is why it is OFW, when there is no dongle). That 28fe30 function mounts dev_flash, so they are in control before even dev_flash loads. When lv2 loads dev_flash, the exploit is triggered which, among the things it does, is replace the function with the proper one to mount dev_flash, then branchs to it and boot continues.